Types of Bitcoin Wallets Explained For Beginners
Just like we need a wallet to store our fiat currencies, Cryptocurrencies also need a wallet to store and trade them easily in the crypto market. Bitcoin is a digital currency used as a substitute for fiat currencies in some of the countries. Bitcoin uses blockchain technology for securely handling financial transactions by eliminating the intervention of Government, banks and institutions. Today’s price of BTC is USD 5590.40 and you can buy Bitcoin with credit card in any of the leading crypto exchanges. Many exchanges also support buying bitcoins with fiat currencies like EUR to BTC exchange. The fluctuating prices of BTC have not affected the craze for people in Bitcoin.
There are plenty of options in the world of cryptocurrencies to choose from. Out of which few prominent Bitcoin wallets are explained below:
Coinbase
The wallet which tops the list of Bitcoin wallets is Coinbase. Coinbase offers an easy and secure wallet for Bitcoin. You can store many cryptocurrencies including Ethereum, Bitcoin, Litecoin and Maker in Coinbase. Coinbase uses biometric authentication for protecting the wallets from hackers. You can send and receive coins worldwide from Coinbase through the username of a Coinbase user.
Ledger Nano S
Ledger Nano S is a wallet to store Bitcoins and it is constantly on the verge of increasing its support to various cryptocurrencies. Ledger Nano S is more like a USB which can be plugged into your computer. It is considered safer compared to paper wallets. Ledger Nano S bitcoin wallet can be simply carried on wherever you go. A two-factor authentication and OLED support make Ledger Nano S superior to other Bitcoin wallets.
Trezor
Just like Ledger Nano S Trezor is also a hardware wallet for Bitcoin. It is considered safe and secure to store your Bitcoins in Trezor. It also offers excellent customer support and an intuitive experience. Trezor secures its users’ wallets through firmware verification, backup facilities, password protection and more. Backup feature in Trezor wallet will help you in recovering your credentials sooner.
Exodus
Exodus is an online wallet to store various digital currencies including Bitcoin. Your cryptocurrencies are considered to be in safe hands when you store them in Exodus wallet. Managing and securing your digital currencies can be easier with Exodus wallet. You will have a seamless experience while exchanging cryptos with Exodus. Exodus supports more than 85 types of cryptocurrencies including Litecoin, Ethereum, Bitcoin Cash and Bitcoin.
Electrum
Electrum is an online wallet that supports Bitcoin from 2011. Electrum is a decentralised forum that uses two-factor authentication for better protection against fraudsters. Exodus uses strong encryption techniques to protect the private keys of its users. Secret passwords can be used to recover the files if they are lost.
Read here latest Bitcoin Wallets Review by CoinSwitch – Best Bitcoin Wallets in 2019 [BTC Wallets Comparison]
Conclusion
Most of the crypto exchanges ask its users to have a crypto wallet before starting to trade. Consider the trends in the crypto market before making any investment decisions. Crypto enthusiasts advise people to use hardware wallets than paper wallets for better protection.